Net worth = assets minus liabilities.

If you own a condo worth $1m but you have a mortgage of $800k, then your net worth is $200k. You are not rich at all. If your mortgage is only $200k, your net worth is $800k, you are rich by Singapore's national standard.

With this clearly in mind, my net worth is $2.3m. This includes cash and my 3 properties (one for owner occupation and two for investments). The condo i live in is fully paid up while the investment condos are 80% paid off. My outstanding loan for the investment condo is only 20% of their total market value. In a worst case scenario of property market crashing by 50%, i am still safe. I also have a cash buffer to pay off all the outstanding mortgages if I want to.

I think I am doing quite ok, by Singapore's standards.

My advice to youngsters: Focus on paying off your primary residence mortgage first, then can think about investing in a second property. Don't be greedy. Be safe.